Mumbai: Former Bank of Baroda Chief Manager Receives Prison Sentences In 2 Cases For Causing Wrongful Loss

Mumbai: Former Bank of Baroda Chief Manager Receives Prison Sentences In 2 Cases For Causing Wrongful Loss

He was also fined Rs 4,37,500 for causing wrongful loss to the Bank.

Somendra SharmaUpdated: Tuesday, February 27, 2024, 01:28 AM IST
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The Special Judge for CBI cases, Mumbai has sentenced Ramchandra Shridhar Joshi, then Chief Manager, Bank of Baroda, Walkeshwar Road Branch, Mumbai in two separate cases to Rigorous Imprisonment (RI) of two years and one year respectively along with a combined fine of Rs 4,37,500 for causing wrongful loss to the Bank.   

The first case

In the first case, the Special Judge for CBI cases, Mumbai  sentenced Joshi to RI of two years with fine of  Rs 3,00,000. Central Bureau of Investigation (CBI) had registered the instant case on May 12, 1995. It was alleged that the accused entered into a criminal conspiracy with private person to cheat Bank of Baroda by misappropriating  various amounts totalling Rs10.50 crore (approx) and diverted the said amounts to the accounts of accused private person  by fraudulent means. Thus, a wrongful loss was caused to the Bank.

After investigation, chargesheet was filed on December 27, 1996 against two accused including Joshi and a private person. The Court found the accused guilty and accordingly sentenced him after trial. The case against another charge sheeted accused (private person) was abated due to his death during trial. 

The second case

In the second case, the Special Judge for CBI cases sentenced Joshi to undergo  Rigorous Imprisonment (RI) of one year with fine Rs1,37,500. It was alleged that the accused entered into a conspiracy with other private persons to cheat Bank of Baroda, Walkeshwar Road Branch, and misappropriated an amount of Rs 5 crore (approx) by diverting the said amount to the account of a private person through fraudulent means causing a wrongful loss to the Bank.

After investigation, chargesheets were filed on December 24, 1996 against four accused including Ramchandra Shridhar Joshi. The Court found said accused guilty and accordingly sentenced him, after the trail. The case against two charge sheeted accused was abated due to their death during trial while another accused was discharged.

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